HomeMy WebLinkAboutR-80-0400RESOLUTION NO. 8 0 - ^ 0 0
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO A PROFESSIONAL SERVICES
AGREEMENT WITH THE MIAMI CAPITAL DEVELOP-
MENT INC., FOR THE PURPOSE OF IMPLEMENTING
A FINANCIAL ASSISTANCE PROGP.AD1 ON BEHALF
OF THE CITY OF MIAMI WITH FUNDS IN THE
AMOUNT OF $200,000 FROM SIXTH YEAR COMMUNITY
DEVELOPMENT GRANT FUNDS.
WHEREAS, the City of Miami Commission is committed
Fd'Yconomic development and trade and commerce growth; and
WHEREAS, prior to developing economic development
policies, there was a need to conduct an in-depth evaluation of
the financial services needs in the City; and
WHEREAS, on May 22, 1979, through Resolution No. 79-325,
the City of Miami, through the Department of Trade & Commerce De-
velopment, awarded a contract to the firm National Urban Develop-
ment Services Corporation to prepare a Community Economic Development
Demonstration Project for the City of Miami; and
WHEREAS, said report has been reviewed and endorsed
by the City's Advisory Council on Trade and Commerce Development;
and "D O C U h9 r ENT N EX
WHEREAS, said report was acceptjd WdN 'the
City Commission through Resolution No. 80-52; and
WHEREAS, the City Commission has approved a Community
Development Budget which includes funds for carrying out the finan-
cial services recommended in said report; and
WHEREAS, on May 8, 1980 through Resolution No. 80-347,
the City Commission approved the appropriation of $38,770 from the
City of Miami, Department of Trade & Commerce Development General
Fund Budget for start-up cost, of Miami Capital Development Inc.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF
THE CITY OF MIAMI, FLORIDA:
CITY CO. NI .!SSION
FAE_Elli"aG OF
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RESQL'UN,M tdJ.,,.......
REMA� 91( ....................
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Section 1. The City Manager is hereby authorized
to enter into a professional services agreement with the Miami
Capital Development Inc., for the purpose of implementing a finan-
cial assistance program on behalf of the City of Miami with funds
in the amount of $200,000 from Sixth Year Corumunity Development
Grant Funds.
PASSED AND ADOPTED THIS 6 day of June , 1980.
MAURICE A. FERRE
MAURICE A. FERRE, MAYOR
jeATTES
PH G. ONGIE, CITY CLERK
PREPARED AND APPROVED BY:
JORN'COPELAN,,ASSISTANT CITY ATTORNEY
APP$p"D AS TO FQ 1 AND CORRECTNESS:
KNOX, 'JR.�CITY ATT
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FU"'LL0W?
80-400
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IN i T R.0i pIC;: ,*•1(,;2Ai `L)'.IM
Joseph R. Grassie
City Manager
Julio A. Castano, Director -
Department of Trade & Comm r e
Development
May 22, 1980
City of Miami/Miami Capital
Development Inc. Agreement
" It is recommended that the attached
agreement be executed between the
City of Miami and Miami Capital De-
velopment Inc. The Miami Capital
Development Inc., proposes to provide
to the City of Miami, professional
services to implement a financial
assistance program to expand the
City's business base and promote eco-
nomic development projects."
The Miami Capital Development Inc., is a private, not -for -profit
corporation organized under Florida Statutes and would nrovide business
development and financial packaging services exclusively to the City
of Miami under a delegate agency contract.
The Miami Capital Development Inc., proposes to act as a principal
tool to integrate business development efforts and provide the basis
for a meaningful partnership between the public and private sectors
in support of the City's'citywide and neighborhood economic develop-
ment activities. The principal objective of the corporation is the
facilitation of business development in the City of Miami through the
provision of financial assistance to entrepreneurs.
The basic functions of the corporation will be to identify and develop
business opportunities, formulate a program plan based upon identified
opportunities, package business deals, work with merchants and neigh-
borhoods development organizations, and develop financial programs and
mechanisms to support business development.
As you are aware, Miami Capital Development Inc., is an integral part
of the City's current economic development strategy. On May 8, 1980
through Resolution No. 80-347 the City Commission approved the appro-
priation of $38,770 to finance the initial start-up costs for the
organization.
"SUPPORTIVE
JAC : vh n c c u rVif I E% T O
LLlJvr+�'� 80-400
May 1`4, 1990
Mr. Julio A. Castano:
Director
Department of Trade & Commerce
Development
100 N. Biscayne Boulevard
Suite 901
Miami, Florida 33132
Dear Mr. Castano:
Enclosed you will find the proposal from Miami Capital Develop-
ment Inc., to provide the City of Miami, professional services
to implement a financial assistance prouram to expand the City's
business base and promote development projects.
On May 2, 1980 through Resolution No. 80-347, the City Commission
acoroved tle appropriation of $38,770 from the City of Miami,
Department Of Tr_'.d? S COa._T'rDevelopment r7eneral Fund Budget
for start-up cost of Miami Capital Development Inc.
The Miami Capital Development Inc., is requesting the sum of
$200,000 for the first year of operation, July 1, 1980 to June 30,
1981.
The requested $200,000 will be utilized for personnel, operating
expenses and capital expenditures. The staff of Miami Capital
Development Inc., will be comprised, w"en fully staffed, of one
Executive Director, four Financial Analysts and two Secretaries.
If you have any questions, please do not hesitate to call on us.
Sincerely,
MIAMI CAPITAL DEVELOPMENT INC.
W. R. Willis
President
/ WRE:vh
Enclosure "SUPPORTIVE
DCCUNILL
FCLL W1
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CITY OF MIAMI
ECONOMIC DEVELOPMENT CONTRACT
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TABLE OF CONTENTS
ARTICLE I
1.1 Contract Provisions.•.•......••••.•••i�••rr•,••ia•i•„ ,.
ARTICLE II
General Obligations
2.1 City Authorization- .................................• 2
2.2 Obliation of Contractor ...................•............. 2
2.3 Compliance with Federal, State
and Local Laws ...............................•.......... 2
2.4 Contract Modification ................................... 2
ARTICLE III
3.1 Work Program ............................................ 2
ARTICLE IV
Conditions of payment
4.1
Budget S umma r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . . • • • .
2
4.2
Method of Payment ......... ............................
3
4.3
Reimbursement -Timely Submission .......................•6
3
4.4
Salaries, rr.inge Benefits, Job Descriptions ......... *so*
3
4.5
Financial Accountability ........................ 0... •...
3
4.6
Retention of Records ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
4.7
Bonding and Insurance .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • •
4
4.8
Subcontracts ............................................
4
4.9
Reports, Audits, and Evaluations ......... .........
4
ARTICLE V oobu r Q '
General Conditions DO�i,�
�� t� Iff
5.1 Project Publicity .............. F O LLO .�V............. 5
5.2 Equal Opportunity ....................................... 5
5.3 Conflict of Interests ................................... 5
5.4 Indemnification ............................... 0.000.0000 5
5.5 Level of Service ........................................ 6
5.6 Purchasing and Inventory ................................ 6
5.7 Disclosure of Funds ..................................... 6
5.8 Final Expenditure Report .................•...,.......... 6
ARTICLE VI
Compensation Method
6.1 Maximum Compensation .................................... 7
6.2 Time of. Performance .................................... 7
6.3 Obligation to Refund .............................•.•.... 7
6.4 Recaputure of Funds .................. 0.........
.......,. 7
ARTICLE VII
General Assurances and Certifications It
7.1 Contractor Assurances and Certifications ..............., 7
7.2 Anti -Kickback Provision ...... .......
•.•••••r••.•• „ ••..•
ARTICLE VIII
8.1 Termination Clause .....................................
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CITY OF MIAMI, FLORIDA
15
ECONOMIC DEVELOPMENT CONTRACT
THIS AGREEMENT, entered into by and between the City of Nliami, a
political subdivision of the State of Florida, hereinafter referred
to as the "City", and Miami Capital Development Inc., herein-
after referred to as the "Contractor", a corporate body fully organized
and existing and by virtue of the laws of the State of T'.lorida as a
non-profit corporation, having it-, principal- office at. _200 S. E. 1st
Street, Miami, Florida 33131., this 6 day of June, 1.980, -or the period
beginning July 1, 1980, and endinu June 30, 1981.
Vendor No.
Contract No.
Funding Source: Community Development
In consideration of the covenants and agreements hereinafter set forth,
the parties hereto agree:
ARTICLE I
As a necessary part of this Aetreement, the Contractor agrees to provide
the City with the following standard requirements.
1.1 CONTRACT PROVISIONS
1. Copy of Contractor's Articles of Incorporation, Charter and
By-laws.
2. List-t of hre sent Principal governing Board Officers and Members
of the Board (names, addresses and telephone numbers).
3. List of Key Staff. Persons, with their titles, who will carry
out this program.
4. Copy of Contractor's Current Fidelity Bond (applicable for
all persons who are authorized to receive, and disburse funds
under this contract).
5. Completion of Total Contractor Budget and Funds Disclosure
(on for•,:- sut.;plied by the City) .
6. Completion of Contractor's '_'rogram/Line-Item Budget Expenditure
Justification (on form supplied by the City).
7. Completion of Authorized Representative Statement (on form
supplied by the City).
8. Completion of Statement of Accounting System (on form supplied
by the City) .
9. CPA letter verifying the Contractor's Accounting System or
current Audit Report (which verifies the Contractor's internal
controls as adequate to safeguard the organization's assets).
10. Final Expenditures Report (to be submitted .30 days after contract
expires). «
11. Work Program (approved by the City).
P ^ 1
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12. Financial Report and Personnel Budget. J
13. Proof of Workmen's Compensation Insurance.
14. Contractor's Corporate Seal (to be affized to Signatory Page).
-i- 8 0- 4 0 0
ARTICLE II
GENERAL OBLIGATIONS
2.1 CITY AUTHORIZATION
` ll
For the purpose of this contract the City of Miami Department of
Trade and Commerce Development will act in behalf of the City in the
fiscal, programatic monitoring and control of this contract.
2.2 OBLIGATION OF CONT'PACTOR
The Contractor agrees to carry out the project as prescribed in
its attached Work Program in a lawful, satisfactory, and proper
manner, in accordance with the written policies and procedures, and
requirements as prescribed in this agreement, as set forth by the
United States Secretary of Treasury, and the City of Miami Department
of Community Development, and all other state and local laws. The
Contractor shci11 not perform in a way; inconsistent with the terms of
the Work Pro(arim except as authorized in writing by the City. Such
Authorization by the City shall be subject to and in accordance with
prescribed guidelines.
2.3 COMPLIANCE WITH FEDERAL, STATE AND LOCAL LAWS
Both parties shall comply with all applicable laws, ordinance,
and codes of Federal, State, and local. governments. Specifically,
the Contractor agrees to comply with the Housing and Community
Development 1\cts of 1974 and 1_1177, Se(-tion- 109 with Executive Order
11246 and l l(�G ��nd wi t_li Section 3 of the ilousi6c� and Urban Develop-
ment Act of 1968 (Sections 570, 303).
2.4 CONTRACT MODIFICATION
The City or cc)ntract.or may, from time to time, request changes in
the scope of the services to be performed hereunder. Such changes,
including an increase or decrease in the amount of Contractor compen-
sation, which are mutually agreed upon by and between the City and
the Contractor, must be incorporated .in written amendments to this
Agreement.
ARTICLE III
3.1 WORK PROGRAM
A description of the Contractor's Work Program Specifications is
attached and hereby incorporated and made part of this Agreement.
ARTICLE IV
CONDITIONS OF PAYMENT
4.1 BUDGET SUMMARY
The total Contractor budget summary attached hereto, is hereby
incorporated and made part of this Agreement.
"SUPPORTIVE
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F�L`0d,
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ICJ
yETHOD OF PAYMENT
Upon execution of. this Agreement and with a written request from
the Contractor, the City shall advance (1/6) of the appropriated
funds to the Contractor. All. payments shall be reimbursements for
expenditures incurred only in contract period, and in compliance
with a previous], approved line item budget. Such reimbursement
requests shall- contain a statement declarinct and affirming that
all disbursements were made in accordanc-e with the approved budget.
All documentation in support of such request shall be submitted to
the City at the t:i.me request is made and al.l invoices should have
been paid by Contractor prior t() sut-?r1115Sion. All reimbursements must
be in line item form and he in ao--cord with the contract. All expendi-
tures must be verified by ori.(linal invoice with a co?)y of the cancelled
check which was used to pay the s1>eci+ic i.nvoicC. In case that an
invoice is paid by various fundinc, sources, a copy of the invoice
may be submitted but must- indi c-ate the exact amoUnt Laid by various
funding sources equalincr the total of the invoice. All petty cash
accounts must he justified with prnper do cument:at.ion. Request for
line -changes are allowable, with prior review and approval by the
City.
4.3 REIMBURSEMENT - 'TIMELY SUBMISSION
Requests for payment shall be made on a timely basis. Reimbursement
requests shall be submitted no later than forty-five (45) days after
the last date covered by such request. Reimbursement requests for
expenditures incurred during the li.fc of this Contract, shall not be
honored unless received by the City within (90) days following the
expiration date.
4.4 SALARIES, FRINGE BENEFITS, JOB DESCRIPTIONS
To be eli(tible for reimbursement for personnel costs, the Contractor
shall submit. to the City for apj,)rovn I, in accordance with Department
of Labor grri.delines, a detailed statement of the personnel policies
of the Contractor. Such a statc�mc,nt shall include pay schedules,
work hours, fringe benefits, jnh descriptions, as well as work history
and qualificatie,ns for these employees who will discharge duties
in connection with this Contract. ilie personnel policies to be
followed under this Contract sh'-11 I he those used by the Contractor in
the ordinary course of its business, providing, however:', such policies
conform t(-) the previsions of t.lie Inter(,o,,ernmental Personnel Act of
1910 (Public Law 91-648 effective Januai y 5, 1.971) .
4.5 FINANCIAL ACCOUNTABILITY
At any time or times prior to final payment under this contract, the
City may have the Contractor's financial records audited. Each
payment theretofore made shall be sub]ect to reduction for amounts
included in the related invoice or voucher which are found by the City
Manager, on the basis of such audit, not to constitute allowable cost.
Any payment mir. he reduced for payments, or increased for underpayments
on preceding invoices or vouchers or to repay the 1/6 advance.
4.6 RETENTION OF RECORDS
Contractor agrees to retain all financial records, supporting documents
statistical records, and all other records, pertinent to this contract,
for a period of three years. The retention period starts from the
date of the submission of the final expenditure report. Records for
non -expendable property acquired with funds under the Contract, shall
be retained for a period of three years after its final disposition.
Said records shall be retained beyond the three year period if the
audit findings have not been resolved.
Its U
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BONDING AND INSURANCE
The Contractor shall maintain during the term of this Contract,
the insurance and bonds specified below:
a) Insurance coverages should reflect sound business practices as
determined by the City of Miami.
b) Prior to the disbur.sennont of funds to the Contractor, the City
shall receive assurance that all. persons handling funds received
or disbursed under this Contract are covered by Fidelity Insurance
in an amount consistent with sound fiscal practice.
c) The Contractor shell furnish certificates of insurance and
bonding to the City prior to conlmencinq any activity under the
Contract. Said certificates shall clearly indicate the Con-
tractor is an strict compliance with provisions if this Article.
4.8 SUBCONTRACTS
Contractor agrees to give advance notification, in writing to the
City of any subcontract. None of the work or services, including,
but not limited to, consultant work or services, covered by this
contract shall be subcontracted without prior written approval of
the City. Any work or services sub cont-racted hereunder shall. be
subject to each provision of this I7c-t-. Prosper documentation
in accordance with the Department of Community De veluipment and City
guidelines must be submitted to and aI)Droved I,.,. the City prior to -
the executton of any subcontract. hereunder. The City reserves the
right to review ail l bid documents hot h with the Private Non -Profit
Contractor, and other entities .,nd with sil--essful hid award recipient.
Private Non -Profits shall not-ity all vendors submitt-in(t bids of the
rights of the City and other entities, hereunder, to review and audit
books and records related to the bidding process.
The advance notification shall include:
a) identification of the subcontractor.
b) The proposed subcontract price, together with a complete
and accurate breakdown of that price by component.
c) Identi Eication of the type of SlIbcontract to bo used.
d) Summary of actions taken to selee-t I -he subcontractor.
4.9 REPORTS, AUDITS, AND EVALUATJONS
The City sisal1 cooperatr' With L„e Contractor in the conduct of activi-
ties delegated under this contract as reasonably requested. The
Contractor agrees to submit to the City such reports as may be require,
alone with a quarterly report to the City comparing expenditures to
the approved budget. The Contractor also agrees to prepare and retain
and permit the City to inspect as it deems necessary for grant purpose_
records that may be relevant to Federal, State or local directives.
Contractor will transmit to the City, in writing, monthly reports
regarding current activity and the progress of the Contractor's activi-
ties in the format presented by the City.
Contractor will transmit to the City, in writing, a program evaluation
report to be completed prior to the end of the contract term covering
all Project activities. The format of this report will be determined
the City. -
At the request of the City, Contractor will. transmit to the City wr.ittt
statements of contractor' official policy on specified issues relating
to Contractor's activities.
"SUPPC;RTIVE
QCU�.,r:.�'
FC, L _V 0V J
80-400
The Contractor further agrees that the City may carry out monitoring
and evaluation activities to include at a minimum, visits and obser-
vations by the City staff and will effectively ensure the cooperation
of the Contractor's employees and board members in such efforts.
Whenever reports, forms, etc., are recliiired of the Contractor herein,
15 days prior notice in wri.tin(t of such shall he provided wherever
possible. All reports, audits, and evaluations either submitted to the
City on quarterly basis, or acquired through on -going monitoring and
evaluation will be thoroughly reviewed by the City. Any discrepancies,
incomplete, or inadequate information either received on a quarterly
basis or through monitoring and evaluation, will give the City just
and legal cause to terminate this agreement at any time thereafter.
ARTICLE V
GENERAL CONDITIONS
5.1 PROJECT PUBLICITY
The Contractor must inform affirmative action regulations to the
residents of the geographical area to be served hereunder, of the
services to he offered by uti.li7inq any available means for advertise-
ment, as necessary for recruitment and outreach.
All literature, advertisinn, publicity or promotion reqardinq the
Contractor's activities willb(- suhmi_tted tc) the City for review
and approval prior to the release or distrihuti.on. No press conference
will be scheduled without prior written notice to the City.
5.2 EQUAL OPPORTUNITY
The contractor agrees that there will be no discrimination against
any employee or person served on account of rare, color, sex, religious
creed, ancestry, or national ori.gi.n in its performance of this contract;
and it is expressly understood that upon the receipt of evidence of
such discrimination, the City shall have the right to terminate this
contract.
5.3 CONFLICT OF INTERESTS
No official or employee of the Contractor mi,y be admitted directly
or. indirectly to any share or part of this rontract or to any benefits
to arise from t.ho same nor own or ardiiire zany personal interest in any
property, contract or proposed contract which would concllict with or
relate to the performance, their duties or responsihiIities under this
contract. if any such person presently or in the future acquires,
owns or controls any such share, benefit, or personal interest, he
shall immediately disclose such interest to the City and (other appro-
priate agencies). Upon such disclosure, such person shall not continue
his participation is not Contrary to public interest. The Contractor
will comply with all Federal, State and local conflict of interest laws
and requirements.
5.4 INDEMNIFICATION
The Contractor understands and agrees that it is an independent contract
that agrees to indeminify and hold harmless the City from liability of
any kind, including costs and expenses for or on account of any or all
suits actual or threatened or damages arisinq out of the contract. The
Contractor will present proof of coverage of liability which is accept-
able to the City. In addition, the contractor will hold the City
harmless and will indemnify the City for funds which the City is
obligated to refund the Federal government arising out of the conduct
of activities and administration of the Contractor.
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LEVEL OF SERVICE
It is expected that funds are provided to insure quality service
to City residents. Should start-up time for a program be required
or any delays in service occur, the Department of Trade & Commerce
Development is to be notified in writing immediately giving all
pertinent details and indicati.nq when service will begin and/or
continue. It is understood and actreed that the level of services,
activities and expenditures by the Contractor, in existence prior
to the initiation of sorvices hereunder, ,hall be continued and not be
reduced in any way as a result of this Contract. except for reductions
unrelated to the provisions or purposes herein stated. It is further
understood and agreed that the program funded throiicth this Contract
will not result: in the di.splaceront of c_mployed workers, impair
existing contracts for services or .result: in the substitution of funds
allocated under this Contract for other funds in connection with work
which would have been performed even in the absence of this contract.
5.6 PURCHASING AND INVENTORY
The contractor agrees to use its best efforts to obtain all supplies
and equipment for use under this contract at the lowest practicable
cost and three (3) bids for the purchase of Capital Equipment to
accompany all requests and, agrees to use the procurement of sources
available to it to the extent applicable to all. Federal, State, and
local laws. All non -expendable pr_opert�.• acquired for the program
with City Funds will revert. to the City at. they end of the City's fund-
ing of the Program. Non -expendable property heinq properties which
will not be consumed or lose identity. '.f'he Contractor shall be re-
sponsible to thf, City for any damage or destruction to said property
and shall reinAjurse the City for such damacte unloss the City or its
employees shall have caused the damario. The Contractor shall. establish
and maintain a property control. system and shall he responsible for
maintaining a current inventory on all. capi tal items purchased with
City Funds. It should be clearly understood that all Capital Expendi-
tures over S50.00 must he approved l,y the, City prior to purchase.
It should also bo understood that all items prrrchasod remain the
property of the City and should L)e ins-eat_<,ried as such. This will
include lisi-.ind on a property record by dc-scripti.on, model serial
number, date of acquisition and cost. Stich property shall be in-
ventoried annually, anti an inventory report: submitted to the City.
The contractor shall hermit desi.tnated City staff access to the
premises where property is kept for thy, f.rrpuse ()f performing inventory
morli ter in<t :4fj,� t' r, t lisl; use of real or
property purchased with City funds t hror cfh s•, le, use, loan or re-
location without the written permissic;n of t-he City.
The Contractor, in the procurement of sul:)plies, equipment, construc-
tion or service to implement this project, shall make a positive
effort to utilize small business and minority owned business sources
of supplies and services, and provide these source the maximum
feasible opportunity to compete for contracts to be performed pursuant
to this memorandum of Actreement. To the maximum extent feasible,
these small business and minority owned business sources shall be
located in or owned by residents of the Community Development Target
Area(s) designated by the City of Miami in the Community Development
Grant application approved by the U.S. Department of Housing and
Urban Development.
5.7 Disclosure of Funds
The contractor shall disclose all source (Public and Private), and
amounts of funds reflecting the total budget whether they be real or
in kind at the commencement of the contract period, as well as any
changes in the amount of funds through program income or other sources
received during the term of agreement, within thirty (30) days of
such change. Examples of in -kind funds to include free rent, labor,
office equipment, etc.
"SU'3 )" R-FIVE
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FINAL EXPENDITURE REPORT
A final budgetary report including audited financial. statements
shall be submitted to the City within thirty (30) days after the
/ expiration of the contract period. This report should reflect
actual expenditures, by line -items, versus proposed expenditures
submitted at the I-)e(.;inning of the Contract year. A1.1 persons
employed anti paid pursuant to this Contract should be listed by
name, title, Social Security number., date hired or terminated,
ethnic background, and total salary reflecting both City and other
funding sources.
ARTICLE VI
COMPENSATION METHOD
MAXIMUM COMPENSATION
6.1 The Contractor agrees to accept as full payment for professional
services rendered in a manner satisfactory to the City, the actual
amount of budgeted, eligible and City approved expenditures and
encumbrances made by the Contractor for the purpose of carrying our
the services hereunder during the period of this Agreement. It is
expressly understood and acireed that in no event, shall the total
compensation and/or reimbursement to be paid hereunder exceed the
maximum sum of $200,000.
TIME OF PERFOR ANCE
6.2 This Contract shall become effective upon execution, and the services
of the Contractor are to commence as soon as practicable after exe-
cution and shell be undertaken and completed in light of the purpose
of this contract; but in any event, all services required hereunder
shall be completed by June 30, 1981.
OBLIGATION TO REFUND
6.3 Upon termination of this Agreement, the Contractor agrees and under-
stands that the City has no obligation to refund any Contractor or
program with Community Development funds.
6.4 RECAPTURE OF FUNDS
The City shall reserve the rictht. to recapture funds when the contrac-
tor fails to comply with the terms of. the ,agreement or refuses to
accept conditions imposed by th- City at the direction of the U. S.
Department of Housing and Urban Development.
ARTICLE VII
GENERAL ASSURANCES AND CERTIFICATIONS
,11 j?00t % i 1VE
DOCU,'il
FOCI -OW
7.1 THE CONTRACTOR ASSURES AND CERTIFIES THAT:
1) It possesses legal authority to enter into this Contract; a
resolution, motion, or similar action has been duly adopted or
passed as an official act of the Contractor's governing body,
authorizing the execution of the Contract, including all under-
standings and assurances contained Herein, and directing and
authorizing the person identified as the official representative
of the Contractor to act in connection with the Contract and to
provide such additional information as may be required.
2) It will comply with the provisions of the Hatch Act which limits
the political activity of employees.
3) It will comply with the requirement that no program under. this
Contract shall involve political activities (Section 710).
_,_ 80-400
It will establish safeguards to prohibits employees from using
their positions for a purpose that is or gives the appearance of
being motivated by desire for private gain for themselves or
others, particularly those with whom they have family, business
or other ties (Section 702(s)).
5) Participants or employees in the program found pursuant to this
Agreement, will not be employed on the construction, operation
or maintenance of that part of any facility which is used for
religious instruction or wor.kship (Section 703(s)).
6) Appropriate standards for health and safety in work and training
situations will be maintained (Section 703(5)).
7) Persons employed in pubic service jobs under this Contract shall
be paid wages which shall. not be l()wer than whichever is the
highest of (a) the minimum warte which would be applicable to
the employer under the Fain Tabor Standards Act of 1938, if
Section 6 (a) (1) of such title livI ies to the participant and
if he were not exempt under Section 13 thereof; (b) the State
or local minimum wage f(-)r the most nearly comparahle covered
employment, or (c) the prevai. i i►a,1 rites of pay for persons
employed in similar public occupations by the same employer
(Section 208 (a) (2)).
8) It will comply with Title VI of tlae Civil Rights Act of 1974,
Title VIII of the Civil Rights Act of 1.968, and Executive Orders
11246 and 11046, and Section 3 of the flousinq and turban Develop-
ment Act of. 1.968, as amended and incorporated herein by reference.
9) It will cor►ply with the regulations and requirements of the
Office of Management and Budcjet Circular A-102, "Uniform Admin-
istration Requirements for Grants -in -Aid to State and Local
Government;;" and Federal Management Circular '74-4, "Principles
for Determining Costs Applicable to Grants and Contracts with
State and Local Governments."
7.2 ANTI -KICKBACK PROVISION
The contractor will comply with the Anti -Kickback Act, Title 18,
USC Section 874, and provisions of the Federal Labor Standards,
Title 29.
"SUPPORTIVE
ARTICLE VIII D 0 C U li l E v 1 J
TERMINATION CLAUSE FOLLOW"
8.1 The City, by giving reasonable written notice specifying the effec-
tive date, may terminate this contract in whole or in part for cause
which shall include: (1) Failure, or any reason, of the Contractor
to fulfill in a timely and proper manner its obligations under this
contract, including compliance with the approved Work Program and
attached conditions and such directives as may become generally appli-
cable at any time, (2) Submission by the Contractor to the City, of
reports that are incorrect or incomplete in any material respect;
and (3) ineffective or improper use of funds provided under this con-
tract.
IN WITNESS Wltls'RLOF, the parties hereto have caused this Agreement to be
executed in their names by their names by their duly authorized officers
and the corporate seals to be affixed hereto, all as of the day and year
first above written.
q, � - 4 o 0
ASS our hands and seals on this day of , 19
CITY OF MIAMI, a municipal
corporation of the State of
Florida
ATTEST:
CITY CLERK
ATTEST:
BY
CITY MANAGER
CONTRACTOR
(Name of Corporation
SECRETARY
APPROVED AS TO FORM AND CORRE S:
GEORGE F. KNOX, JR., CITY ATTORNEY,'
"SUPPORTIVE
DO�U ��� 1... i S
FOLLOUJ"
''s0-400
n
F-ice r^_ ^C �� -^..:�
(A
C )RPORATICN I4C-T FOR PPOFIT)
y=+
z
rn
o
The undersiompe, s,abscribers to these Articles of Incorporation, natural
parsons competent to contract, hereby form a corporation not for profit under
the la"'s of the State of Florida,
AP•TICLE I
NAME
The name of this corporation is MIAMI CAPITAL DEVELOPMENTS X"c
ARTICLE II 11SUPP011-T1'.4"
��
PURPOSES pOCd._)I,r,
FOLLU
r
(A) This corporation is organized exclusively for charitable and educa-
tional purposes which include promotion of community welfare by: (i) lessen-
inc: of neiahbnrhood tensions, (ii) lessening discrimination and (iii) combating
community deterioration by prornnting and fostering the economic development
of the City of t•iiemi. In furti•,erar-_e of the !, ihv corporation
intends to enoane in the follov.•ing types of activities:
(1 ) t.iaking investments in, and loans to, corporate or other
business entities with monies which are directly or indirectly
attributable to funds provided by the City of (Miami and other funds
provided by the United States, the State of Florida or any agency
or instrumentality of any of the foregoing, with funds generated by
the repayment of the principal amount and accrued interest thereon
of any loans made %+•ith such funds, or any dividends or other
distributions paid to the corporation by any entity in which the
corporation has an ownership interest, and with any funds con-
tributed to the corporation by any individual or entity;
-80-400
(c) rrc�i.,.,C 2.Ssi.ta^C!• ��r inC�l�i�,a? ?. OoNjL—P-)-I or::Bni.
"at in plcnni"C ant executi^� Cuc��.s`:I c_^^O" iC d@velop, e^rL
projects;
(?) Providing professional assistance and counseling of all
types, including business planning for individuals, organizations
and their members where such counseling may be necessary for the
economic development of log+ income or low employment areas;
(4) Acting as ah intermediary, where aoproariate, between
various economic development programs and between organizations
and individuals which may be involved in any capacity in economic
development;
(5) Acquiring charitable contributions and assistance capital
including seed money, which may be necessary for successful
economic development projects; and
(6) Engaging in such other activities as the Board of
Directors sh;:ll from time to time approve, provided that in no event
shall this corporation be cnerated for purposes other than those
permitted under Section -5101(c)(.31) of the Internal Revenue Code of
10.54 or corresponding sections of any prior or future law.
(B) The cerr^r�:tinn
shall
have the power, either directly or
indirectly,
either alone or in
r.onjunction
cr coaperaticn �+-ith others, to do
any and all
lawful
act: ,,nd
thinr.e. ;,rid
t- rnryaan in any
rnd all la%+ful
acti.-ities which
rn�+y r� !�
fr,, r•r• j..,.
n _ _. , ,
: r f
, , r�r�r 1!,
�� f dr �' •- o� f�
_�.�'i...�l _, •i, �,_i
r r fr
7. rI••7i��:r �r•
4 e f.r • O.M
trti� I .r h.. ante,
a;.cor~I, !ishmc nt , fcstrrirlo or attainment of any or all of the purposes for
which the corporation is oroani<<•d, end to aid or assist other organizations
who-,e activities are such as to further accomplish, foster or attain any of
such purposes. Such activitires shall include, but shall not be limited to,
acceptance of gifts, grants, devises or bequests of funds, or any other
property from an;, public or other governmental body and any private person,
including but, not limited to, private and public foundations, corporations and
individuals.
(C) Notwithstanding anything herein to the contrary, this corporation
may exercise any and all, but not other, powers as are in furtherance of the
exempt purposes of organizations set forth in Section 501(c)(3) of the
Internal Revenue Code of 1954 and its regulations as the. same now exist, or
as they may be hereafter amended from time to time.
_Z LAV. -,rriCL• Cr uL LAND' b E--ILCV V 0- 4 0 0
(C) No -:.;
c*:`E inc.n,e cr f^''Ir^Clpr! c` thi`
to-�+c•a'io^
sh�li inure to
he tenefit of c r os distributed tc any member, director cr cffi^_er of the
orporation or any ether private individual in such a fpshior, es tc constitute
n application of funds not within the purpose of exempt orcanitations
lescribed ' in Section S01(c)(3) of the Internal Revenue Code of 19Se, How-
ver, reimbursement for expenditures or the payment of reasonatle compensa-
ion for services rendered shall. not be deemed to be a distribution of income
or principal. I
(E) In the event of the complete or partial liquidation or dissolution of
the corporation, whether voluntary or involuntary, no member, director or
officer shall
be
entitled to
any
distribution
or
division
of the corporation's
property or
its
proceeds,
and
the balance
of
all money
and other property
received by the c^rporation from any source shall, after the payment of all
debts and obligations of the corporation in accordance with Chapter 617 of the
Florida Statutes, be distributed and paid over by the Board of Directors to
the City of Miami for public purposes.
(F) The corporation does not contemplate receiving any pecuniary gain
or profit, incidental or otherwise.
(G) No substantial part of the activities of the corporation shall be the
carrying on of propaganda or otherwise attempting to influence legislation,
and the corporation shali not participate in, or intervene in, directly or
indirectly,
(includinc the
publishing or distribution of statements) any
politi-
cal
campaign on bp.h;lf of
or in eppos;tion tc zi-y--Pndidate for public
office.
ARTICLE III
MEMBERSHIP
Those persons elected to the Board of Directors shall be the members of
this corporation and shall remain as members for the term of their positions
as Directors.
ARTICLE W
TERM OF EXISTENCE
This Corporation is to exist perpetually.
"SUPPORTIVE
i' i
�lt�
F..1—&-%JYY
01'r1C[S Or PAULAANDw b P[Il[v
.So - 100
C,ceIL= M1:D • E211: 4-C'EI�T
Val address of the principal cffice of the corporation in the State
is: Penthouse, Peninsula Federal Building, 200 Southeast First
ni, Florida 23131, and the initial registered agent is Peninsula
agents, Inc.
The Board of Directors may from time to time move the principal office to
any other address in the City of Miami.
ARTICLE VI
SUESCRISERS
The names and addresses of the persons signing these Articles of Incor-
poration as subscribt-r•s are:
Burton A. Landy 200 S.E. 1st Street
Miami, Florida 3313.1
Helena Kempner Kobrin
Robert G. Beatty
200 S.E. 1st Street
Miami, Florida 33131
2.00 S.E. 1 �.t Street
Miami, Florida 33131
ARTICLE V11
t."Ah:AC,EM;.NT .
The affairs of the corporation will be managed by its Board of Directors
and by its officers pursuant to the authority given them by the Board of
Directors. The officers of the corporation shall be a President, Vice Presi-
dent, Secretary and Treasurer. Any two or more offices may be held by the
same person except the offices of President and Secretary.
ARTICLE Vill
INITIAL OFFICERS
11SUPPORI NE
ITS
t�
I
The following named persons shall serve as officers of this corporation
for a period of one (1) year or until their successors are appointed:
i
80-400
LAW orr,_,GS or 6c1.i..&Nov S ocilcy
Rr,:�sevr--1t T horr,a2
Juar. Del Cerro
0-412nt
%'i:e-0resident
Treasurer
Director cf the City of Secretary
Miami Department of Trade
& Commerce Development
ARTICLE IX
BOARD OP DIF,EC i ORS
(A) The Board of Directors shall have general management of the prop-
erty, business affairs and concerns of the Corporation and shall consist of
not less than three (3) and not more than t«'enty-three (23) directors, the
exact number tc be fixed by the Board.
(B) The composition of the Board of Directors shall be as follows:
9 Dirc.tor•s shall Le chosen from the priv�ite business
and financial community;
E Directors shall be chosen from the City of Miami's
community development target areas (one from each);
and
6 Directors shall be representatives of the City of
Miami: h mc'rnbAr of the Miami City Commission, a
repr�-.rrntative of the City V;;naa^r's office, the
Dlrc"10! of tiff' Cr'portmr-,nt of rl�llniri,'1, the Director
of thr: Dor-E riont of Tr,te c !id C!"^rlerCf' Develop-
ment , th'ir. Dirc, lo, c` the F.ur;incss Development
Division c.f thc- Dr;:,,-rtrnrnt of Trade i�nd Commerce
Devf'I:'i`m�nt, ; !-in thr, Director Of the Department of
COMMLJ-Jt)'
(C) The Board s'-all ele:t an Executive Committee of not less than
seven (7) to carry on the r.ffairs of the corporation on a day-tc-day basis.
The officers of the corporation shall serve on the Executive Committee. The
remaining
three members shall be elected:
one
from the
private and financial
community
group of Directors, one from
the
community
development target
area group of Qirectors, and one from the City of Miami representatives
serving on the Board of Directors.
(D) The initial Board of Directors shall consist of four (4) members.
The names and post office addresses of the members of the initial Board of
Directors, who shall serve for a period of two (2) years, are:
11supor%nowil1 f
DOC; ,
-S• 80-400
:•+ : rtrs or ► SUL LANC• 6 PCIL[r -
rr.�•�.�rrr•�— . r. S r_ rIPCI S1 PC r7,MIA 1, rL OG ir• Ns isi ♦CL 0 :51 +S 1k•PSGO
`t ``t 7r6de
C.Lj e 9�1
Miami, Florida 33132
W.R. Ellis
P.O. Box 529900
Miami, Florida 33152
Roosevelt Thomas
P.O. Sox 2.18106
Coral Gables, Florida 33124
' Juan Del Cerro
7210 46th Street
Miami, Florida 33166
ARTICLE X
ELECTION OF OFFICFrS AND DIRECTORS
The Officers and Directors of the Corporation shall be elected at the
annual meeting by the existing Board of Directors according to the proce-
dures set forth in the By -Laws.
ARTICLE XI
By -LAWS
The
liy-Laws of
the corporation may
be
made, altered
or rescinded by
the vote
of t%vo-thirds
(2/3) of the members
of
the Board of
Directors.
A R TI,"LE XII "SUPPORTI V �
AM ENDM,E14TS DOCUMENTS
FOLLOW"
Amendments to the Articles of Incorporation may be proposed by any
Directors or Officers of the Corporation and may be adopted by the vote of
two-thirds (2/3) Hof the members of Lhe Board of Directors. Upon an amend-
ment to the Articles of Incorporation being adopted, the amendment shall be
filed with the Department of State in the manner provided by law.
-5-
�aw OrnCL3 Or oaUL.I�HL• !L �[��i� �8 0 - 4 0 0
w
9 4
T}J��c �'•''=RE�!�, t"e �ndprs�r^ed }^adE S:.':'�Crib!!d :? these
Inca^':�,o-aticn at Miiwn', ^Sde County, F loride. this ��: day odr
STATE OF FLORIDA )
) SS
COUNTY OF DADE )
H:LENA K i!�Yt.cR KOBRIN
ROBERT G. BEATTY
BEFORE 14E, a Notary Public authorized to take acknowledcments in the
State and Cou^ty per_•on;,l!y F,UI?TON A. LANDY,
known tc me and knov.-n b� me to be the per�-nn v,-ho e>.e'.uted the foregoing
Articles of Inccrpnra;ion, and he acknowledoed before me that he executed
these Articles of Inc^rporation.
I14 V:ITNfSE V''HE REOF, I he?•.,e hereunto set my hand and affixed my
official seal, in the State and County aforesaid, this day of April,
1960.
tT Ilk
NOTAk,', �'Uf'.LIC
State of ' Flori-ja at Large
t�)Comm��sio'i Etipires:
Ir:o:�::^r f•.t._', ;; �► tt cY r.or• ��A IJ M:'a!
�''? �CJ►K.KS'.K?1 WItf3 {11. ri Tice
j:J� tOU G04MAJ. 1W4. L#CELWWnqjSUPPORTIVE
STATE OF FLORIDA ) DOCUMENTS
SS
COUNTY OF DADE ) FOLLOW"
BEFORE ME, a Notary Public authorized to take ackno%-dedaments in the
State and County «t forth a:nove, personally appea-ed HELENA KEMPNER
KOB R I N , known to me and known by me to be the person who executed the
foregoing Articles of Incorpor;lion, and he acknowledged before me that he
executed these Articles of Incorporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal, in the State and County aforesaid, this 6th day of April,
1980.
NOTAPY F)_ BLIC
Statg of Florida at Large
My Commission Expires:
►OIALT ruQ:K LTAST Or FL011DA AT LA=
X? C.CWAL3&L'J4 13rr,LS M. 1f I/ILi
L-.*4 ? IKW GTMI�L .•.S u?.DEtw&ITU6 0
.7. � LAW f+r ri[rS Or PAUL LAN':9 f. orlLr• w 8 O w � 0
0
ETA E 0
r � F! �, 17�• ��`
COLIN7Y O
` .
EEFOFE (�. �, p NCicr)' OUbiiG 8uthariZed t^ ;�k�' zck.'1o�vI�C^!"1ent5 in the
State and Cour sei forth above
:1' ,
known to me and kno„ n by me to be the parser) oo ho executed t`,e foregoing
l Articles of Incorporation, and he rckno�vledned before me that he executed
these Articles c` Incorporation.
IN %,,'ITNFSS WHEREOF, I have hereunto set my hand and affixed my
official seal, in the State and County aforesaid, this 8t7 day of
1960.
N •TAF Y ;PUBLIC
State of F"iorida at Large
My Cemmissic,n Expires:
r., _r QnIT of fjry ,'.,6,
EuLt'q rye. 6^ t•�j ,
00 . cwc*wr:nre
"SUPPORTIVE
VE
DOCI[.'MFLATS
•M
ICU
's' 80-400
LAW Cr►,S[S Or ewVL.LANOV 6 SCtLLr
PCA'`+''t?T-C• PtOv104','MA rrCCne,. into,, Corr ?COL C r,re- g'rCCT. w, Am. ,, r_r aIC• 33131 • TILL Ot 51 !a!111-9300
�r
w..-r.. .�.�r. rw.... �w .... r... .... r............ +.�. � ....-r........��...�....w.rM•rr
Pursuant to Charter 507.034 of the Florida Statutes, the following
is
submitted, in comn-liance with
said Act;
T11)at. MIAMI CAPI i AL
r
CEVELOPN1ENT
desiring
to
organize under the laws of
the State of Florida with its
principal ,of
as
indicated in the Articles of
Incorporation, at the City
of S.'aunty
of
Dade, State of Florida, has named Peninsula Registered
Agents, Inc_; , O
at 200 S.E. 1st Street, City
of Miami, County of Dade,
State of r"4cri"
•
its anent to accept service of
process within this State.
�; ., --�
r n ca
A C K N 0 V L E D G M E N i
Having been named to accept service of process for the above stated
corporation, at place designated in this Certificate, I hereby agree to act in
this capacity and agree to comply with the provision of said Act relative to
keeping open said office.
Dated this Sth day of April, 1980.
Peninsula .ec:stcrcc -n*-s, Inc.
10
C2u
_ 1-2
•
Miami Capital Development Inc.
May, 1980
I. PROPOSED WORK PROGRAM
The Miami Capital Development Inc., proposed to provide to
the City of Miami, professional services to implement a
financial assistance program to expand the City's business
base and promote economic development projects. The Miami
Capital Development Inc., is a private. not -for -profit corpora-
tion or�jirized under Florida Statutes and would provide business
development and financial packaging services exclusively to
the City of Miami under a delegate agency contract.
The Miami Capital Developmont True., proposed to act as a
principal tool to inte(Irate business doveloF,ment efforts and
provide the basis for a meaningful Partnership between the
public and private sectors in support of tho City's citywide
and neighborhood economic development activities. The princi-
pal objective of the corporation is the facilitation of business
development in the City of Miami. through the provision of
financial assistance to entrepreneurs.
The basic functions of the corporation will he to identify and
develop business opportunities, formulate a program plan based
upon identified opportunities, package business deals, work with
merchants and neighborhoods development organizations, and develop
financial programs and mechanisms to support business development.
In short., the corporation will he a flexible financing mechanism
with professional business development planning and packaging
staff capability. The corporation will implement a financial
assistance program desicTned to encourage husi_ness and economic
development projects within the Cit,r of Miami. by Securing a
greater utili7,ation and coordination of existing financing pro-
grams (e.q. SRA 502 Loan P.ro(Iram, EDA direct loans and loan
guarantees, SBA 301 (d) SPIC/MESBTC Pro(iram, etc.) as well as
by developing innovative and creative financing techniques de-
signed to ctenerate a maximum degree of leverage with local private
sector resources.
The Miami Capital Development Tnc., is managed by a Board of
Directors (not to exceed 23 members) comprised of nine members
from Miami's business and financial community, eight members
from City of Miami's Community Development Target Areas and six
representatives of the City of Miami. Through wholly owned sub-
sidiary orcaani zation, Miami Ci.t,/wide De�•(-,lopment Corporation,
the Miami Capital. Development Inc., :i].l function as an eligible
SBA 502 Local Development Company. i'he Miami Citywide Develop-
ment Corporation will be governed by a Board of Directors of at
least 25 members comprised r)f the seven -member Executive Com-
mittee of Miami Capital Development Inc., and the remaining
18 will be selected by these seven members.
r�
II. PROGRAM OBJECTIVES
The objectives of the Miami Capital Development Inc., area
In Broad Community Terms
1. To identify, develop and maximize market and business
opportunities which create jobs, entrepreneurial opportu-
nities, income and tax revenue for the City.
2. To reverse economic decay and deterioration in needy areas
through business development and neighborhood revitaliza-
tion programs.
3. To create the economic and physical environment conducive
to private investment in the City of Miami.
In Specific Economic and Business Development Terms
1. To create new businesses and (,xi)and exi.stinq businesses
with the City of Miami by providin�l the necessary business
packaging, financial planning and financial mechanism.
2. To revitalize nei(Ihhorhond commercial areas within Miami
through a program which emphasizes working with merchants
to improve store mix, store otiality, and the. physical
appearance of neighborhood commercial areas. The Miami
Capital. Development Inc., will support such programs with
financial assistance to the merchants Stroup and to individual
businesses.
3. To create a balanced economic and business development pro-
gram plan which forms the basis for determining the scope
and nature of the corporation's business and financial
assistance programs.
4. To increase economic opportuni_tios for minority and dis-
advantaged individuals in Miami. by assisting individual
minority businesses, operatinq revitalization programs in
minority neighborhoods, and by encouraginq various forms
of minority participation in larger development projects.
III. P ROG RAM P LAN /f 1 I X
The program Man and mix proposed by Miami Capital. Development
Inc., reflects the basic assumptions underlying the approach
to the Project, tho stated objectives, criteria and strategy of
the organization, and the opportunity identification and economic
planning process. The projects have been prioritized by kind,
size, and geographic location. With respect to kind, they con-
tain minority businesses, small and medium-sized enterprises
and identify opportunities for broader participation in larger
projects. They represent efforts to retain and expand businesses,
assist in developing international trade, downtown projects, and
will emphasize neighborhood commercial revitalization activities.
e
r
The actual figures by kind of project shown in the sample
break -down as follows:
Kind
Minority
Neighborhood
International
Downtown/Participation
Retention/Expansion
Number
18
8
3
9
2
Total 40*
* Total adds"up to more than 32 packages due to double
counting.
As to size of projects, the business financings break -down as
follows:
Up to $100,000 18 $ 900,000
$100,000 to $250,000 9 1,350,000
Over $250,000 5 2,000,000
Total 32 $ 4,250,000
Geographically the projects have been identified as either
downtown or neighborhood, or in some cases special areas
such as garment center, waterfront, etc.
The program Ilan and mix llas been predicated on a maximization
of opportunities, federal resources, local resources, leverag-
ing of private investment and involvement of both the private
and community sectors. Each of these elements will make an
important contribution to the productivity of the organization
and the character, quality and direction of its activities and
public image.
IV. BUDGET REQUEST --FIRST YEAR
The Miami Capital Development Inc., is requesting the sum of
$200,000 for the first year of operation.
The requested $200,000 wi.l.] he utilized for personnel, operating
expenses and capital expenditures. vie Ftaff of Miami Capital
Development I nc. , will be comprised, 1.1hen fully staffed, of one
Executive Director, four Financial Analysts and two Secretaries.
V. AGENCY ORGANIZATIONAL STRUCTURE
Enclosed are the Articles of Incorporation of Miami Capital
Development Inc.
MIAMI CAPITAL DEVELOPMENT
INC.
BUDGET
PERSONNEL
TOTAL COST
(1) Executive Director
$ 30,000
(4) Financial Analyst
70,000
(2) Secretaries
22,500
SUB -TOTAL PERSONNEL
$122,500
20% Fringe
$ 24,500
TOTAL PERSONNEL
$147,000
OPERATING EXPENSES
Rent
$ 22,536
Office Supplies
2,000
Rental Equipment
51000
Transportation Expense
1,500
Travel & Per Diem
2,464
Professional Servs. (Legal, acctg., etc:)
3,000
Parking
2,500
Books, Publications and Memberships
500
Postage
500
Telephone & Telegraph
3,000
Insurance
2,000
Printing & Binding
1,000
Miscellaneous
11000
TOTAL OPERATING EXPENSES
$ 47,000
CAPITAL EXPENDITURES
Office Equipment & Furniture $ 6,000
Purchase
TOTAL CAPITAL EXPENDITURE 6,000
TOTAL BUDGET $200,000
JAH:vh:5/21/80
M
L